{"id":684,"date":"2017-11-24T09:50:28","date_gmt":"2017-11-24T09:50:28","guid":{"rendered":"https:\/\/www.microsoft.com\/en-ca\/industry\/blog\/industry\/2017\/11\/24\/banking-on-blockchain-in-financial-services\/"},"modified":"2018-10-16T16:04:57","modified_gmt":"2018-10-16T16:04:57","slug":"banking-on-blockchain-in-financial-services","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-ca\/industry\/blog\/uncategorized\/2017\/11\/24\/banking-on-blockchain-in-financial-services\/","title":{"rendered":"Banking on Blockchain in Financial Services"},"content":{"rendered":"
Trillions of dollars are circulated through the global financial system serving billions of people and businesses every day. Financial Services organizations have embraced various technologies to help drive new business, reduce costs and ultimately become more competitive. Yet many of them still rely on paper-driven processes for various tasks.<\/p>\n
Blockchain holds the potential for all individuals in a network to share a system of record, and can eliminate huge amounts of record-keeping, reducing costs, complexity and time.<\/p>\n
A Blockchain is a cryptographically secure, shared, data structure that is used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers. This results in more open and transparent systems that fundamentally change the way we think about exchanging value and assets, enforcing contracts and sharing data. Blockchain decentralizes data in a trustless environment, providing great benefits and changing fundamental processes and models:<\/p>\n
Some evangelists say the possibilities are limitless for the financial services sector, offering the opportunity to overhaul existing banking infrastructure, speed settlements and securely streamline stock exchanges. Applications can range from storing client identities to handling cross-border payments, clearing and settling bond or equity trades to smart contracts that are self-executing.<\/p>\n
Blockchain will disrupt the financial services sector by redesigning costly legacy workflows, improve liquidity and free up capital. It also helps reduce infrastructure costs and improves execution and settlement times. Financial institutions are exploring many opportunities on how to use blockchain including:<\/p>\n
Microsoft\u2019s blockchain vision and strategy focuses around accelerating blockchain deployment including:<\/p>\n
Microsoft Services provides offers to help our customers have an improved understanding of blockchain.\u00a0Take advantage<\/a> and learn how to use the Blockchain Technology to simplify and transform your current processes and find the right set of Blockchain and cloud-related technologies to solve for your business challenges. Also, check out this Harvard Business Review<\/a> article that discusses how Blockchain will energize the smart economy and advance business performance.<\/p>\n","protected":false},"excerpt":{"rendered":" Trillions of dollars are circulated through the global financial system serving billions of people and businesses every day. Financial Services organizations have…<\/p>\n","protected":false},"author":72,"featured_media":1473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_classifai_error":"","footnotes":""},"categories":[1],"post_tag":[238],"content-type":[],"coauthors":[184],"class_list":["post-684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-services"],"yoast_head":"\n